Import PP copolymer prices hit year-to-date lows in Türkiye

S. Korean copolymer breaks below $1200 CIF
Dutiable Saudi Arabian and duty-free South Korean import PPBC inj. assessments were down by $10-30/ton from last week at $1160-1180/ton and $1200-1230/ton, respectively CIF, cash. As for Korean cargos, prices for a certain origin neared the $1150/ton CIF mark while these aggressive levels were not confirmed by the wider market at the time of writing.

South Korean PPRC pipe (type 3) prices were assessed $30/ton lower at 1170-1200/ton CIF cash, no duty from late September. Prices neared the mid-$1100s/ton mark, some buyers claimed. Lower freight rates from Far East Asia continued to play a role in the downward trend, not to mention generally muted buying interest heading to the year’s end. Following suit, European assessments were revised down amid falling propylene contracts in the bloc.
A buyer pointed to the lingering lethargy in the pipe markets as a key reason behind muted buying interest, voicing his expectations to see additional drops for raw materials as Q4 wears on.
Meanwhile, PPRC inj. prices from South Korea slumped to $1220-1250/ton with the same terms this week as compared to $1300/ton in late September.
Sentiment stays weak for near term
In the coming term, sellers may try to help market stabilize unless oil prices erase this week’s gains fueled by the rising tension between Iran and Israel. Nonetheless, uncertainties related to the post-holiday scene in China, weakening prices in Europe along with lower propylene contracts and subdued post-summer demand, the end of a major strike at key US ports and economic challenges at home are likely to keep Turkish players on their toes and buyers’ projections on the weaker side.
According to the weekly average data from ChemOrbis, South Korean PPBC inj. and PPRC pipe (type 3) prices have plunged by $145-165/ton (11-12%) since early July, while Saudi Arabian PPBC inj. assessments suggest a $80/ton (6%) fall in the period.
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